Recap After completing the 100 points dash to above 2100 (the actual bottom is not visible on the chart because it happened during overnight actions), unloading started and FBO against Y+1 led to a drop back down to Y-1. Y-1 failed to stop the sell off and gave way to Y-3. NFP saved the week with a equally if not more powerful rally. Closed the week above Y-0 and midpoint.
Outlook In a fashion similar to what happened back in mid November, we got this 50 points dash from a technically significant level. Y-1 / B-0 is now very strong support until proven otherwise. More upside likely going into year end.
S&P 500 Dec 07 to Dec 11 Outlook
Lawrence’s Comment
After completing the 100 points dash to above 2100 (the actual bottom is not visible on the chart because it happened during overnight actions), unloading started and FBO against Y+1 led to a drop back down to Y-1. Y-1 failed to stop the sell off and gave way to Y-3. NFP saved the week with a equally if not more powerful rally. Closed the week above Y-0 and midpoint.
Outlook
In a fashion similar to what happened back in mid November, we got this 50 points dash from a technically significant level. Y-1 / B-0 is now very strong support until proven otherwise. More upside likely going into year end.
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